Signaling a new line of inquiry into President Donald Trump’s personal finances, the New York attorney general has subpoenaed records from Deutsche Bank regarding three loans given to the president in recent years, along with a loan Trump tried to obtain to purchase the Buffalo Bills, according to The Washington Post.
The subpoena comes on the heels of former Trump attorney Michael Cohen’s testimony before Congress last month that Trump “inflated his net worth in documents he sent to Deutsche Bank while seeking loans.”
All of the loans in question were granted to Trump via the financial institution’s office that manages loans for its high-net-worth clients, the Post reported, rather than Deutsche Bank’s main commercial lending division.
New York Attorney General Letitia James (D) appears to be looking into Cohen’s claims, as are the House’s Financial Services and Intelligence committees.
The subpoenas ask for documents related to three of Trump’s properties: his Doral golf resort outside Miami, which Trump purchased with a $125 million loan from the bank; the Trump International Hotel in Washington, D.C., bought with a $170 million loan; and Trump Tower in Chicago, for which Deutsche Bank gave the president a $69 million loan to refinance old loans on the building.
The subpoena also covers documents related to Trump’s attempt to purchase the Buffalo Bills NFL team in 2013, though Deutsche Bank did not come through for him on that particular loan.
During his congressional testimony, Cohen indicated that Trump had inflated assets to the bank in trying to obtain the loan.
Deutsche Bank became Trump’s go-to lender after years of corporate bankruptcies, when American banks began turning him down for loans.
The Post highlighted another of Trump’s lenders that is less conventional and somewhat shrouded in mystery:
“Trump’s other big lender during this period, according to his financial-disclosure documents, was an unusual company called Chicago Unit Acquisition LLC. Trump’s disclosure document says he owes this company more than $50 million, due to a 2012 transaction involving the Chicago tower,” the Post wrote.
“But Trump himself owns Chicago Unit Acquisition LLC. His company has declined to answer questions about how — and why — Trump came to owe more than $50 million to himself.”